Insurance of Deposits

Key information on deposit security

Deposits with Šiaulių Bankas are insured

in the state company  Deposit and Investment Insurance

Limits of protection

up to EUR 100 000 per depositor for all deposits placed with Šiaulių Bankas1

If you have more deposits in Šiaulių Bankas

all your deposits placed with Šiaulių Bankas are summed up and a protection  limit of 100 000  euros is applied to the total amount1.

If you have a joint account with other person (other persons)

a 100 000 euro limit  shall be applied to each depositor seprately2

Deposit insurance compensation payout term if Šiaulių Bankas fails to fulfil its financial liabilities

20 working days3

 

Currency of deposit insurance compensations

euros

Contact data

State company Deposit and Investment Insurance

Algirdo str. 31, LT-03219 Vilnius

Telephone (+370 5) 213 5657

Fax (+370 5) 213 5546

E-mail: sekretoriatas@iidraudimas.lt

More information

www.iidraudimas.lt

 

1 If a deposit is not repaid due to Šiaulių Bankas’ inability to fulfil its financial liabilities, the State Company  Deposit and Investment Insurance shall pay insurance compensations to the depositors. The maximum amount of payout per depositor may not exceed 100 000 for the deposit placed with Šiaulių Bankas. To establish a payout amount, all deposits deposited with Šiaulių Bankas are added up.  For example, if a depositor has a saving account with 90 000 euros and a current account with 20 000 euros, he/she will receive a payout amounting to 100 000 euro only.

In particular cases (when not earlier than 6 months before the deposit insurance event  a depositor's account  has been deposited with the funds transferred for the residential house/flat owned by the depositor under the right of ownership; with depositor's funds inherited by will or by the law; the depositor's funds received in case of death when the depositor is a beneficiary under a life insurance agreement or agreement corresponding its essence; the depositor's money received  as compensation or payout for another person's death during employment or official duties  in cases prescribed by law to get the money; payouts or compensation for damage caused by violent crime) are protected with the amount exceeding 100 000 euros.

For more information visit www.iidraudimas.lt

2 If you have a joint account with other person (persons), then the payout limit of 100 000 euros is calculated for each co-depositor separately.

3 Insurance compensation payout.

State Company Deposit and Investment Insurance (Algirdo str. 31, LT-03219 Vilnius, tel. (8 5) 213 5657, fax (8 5) 213 5546, e-mail: sekretoriatas@iidraudimas, www.iidraudimas.lt) is responsible for the deposit insurance system. It will repay your deposits (up to
100 000 euros) no later than:

  • within 20 business days before 31 December 2018;
  • within 15 business days between 01 January 2019 and 31 December 2020;
  • within 10 business days between 01 January 2021 and 31 December 2023;
  • within 7 business days before 01 January 2024.

If before 31 December 2023 the deposit insurance compensations are not paid out within 7 days from the deposit insurance event, starting from 16 May 2016 the depositor  may submit a request asking to pay out a portion of deposit insurance compensation ( and advance deposit insurance payout) within 5 business days from the request receipt day  in the amount of maximum monthly salary, however, not exceeding the amount of deposits  owned by the depositors which are subject to insurance.

If within the mentioned periods insurance compensation was not paid out to you, you should contact  State Company  Deposit and Investment Insurance. For more information visit www.iidraudimas.lt.

Other important information

All the deposits of retail depositors and companies are insured in the State Company Deposit and Investment Insurance.

Some deposits are applied exceptions, listed on website of State Company  Deposit and Investment Insurance www.iidraudimas.lt. At your request, Šiaulių bankas will also inform you, whether some particular products are insured or not. If deposits are insured, Šiaulių Bankas confirms this fact in the account statement.

The cases when the deposits are not insured and when deposit insurance payout limitations are applied

The following items may not be the insurance subject:

  1. deposits of other credit institutions placed in one's account on one's name;
  2. own funds;
  3. deposits subject to convictions in criminal cases on money laundering;
  4. deposits of financial institutions;
  5. deposits of management companies;
  6. deposits of brokerage companies;
  7. deposits owned by unidentified owners (deposits kept in anonymous or coded accounts);
  8. deposit of insurance and re-insurance companies acting in accordance with the Law on Insurance of the Republic of Lithuania;
  9. deposits of collective investment undertakings;
  10. deposits of pension funds;
  11. deposits of state and municipal institutions and undertakings as they are defined in the Law on State Service of the Republic of Lithuania, except cases when funds belonging to other persons are kept in deposit accounts of such institutions and undertakings.
  12. deposits of the Bank of Lithuania;
  13. debt securities and obligations related to accepts and ordinary bills of exchange issued by the deposit insurance system participant itself;
  14. electronic money and funds received by electronic money institution from the electronic money holders in exchange of electronic money.

Limits set out to deposit insurance payouts

  1. Deposit insurance payouts are not paid:

1) for the deposits, funds, cash, securities and liabilities, which are not subject to deposit insurance (as stated earlier in the form);

2) depositors for the deposits on the account where no transactions related to a deposit have been performed over the recent 24 months before the deposit insurance event and the amount of the deposit is less than 10 euros.

  2. The deposit insurance payout shall be suspended when a depositor or other person holding a right to claim to the deposit insurance payout have been accused of money laundering until the final  judgement is brought into force.

Deferral of deposit insurance benefit payout term

In the cases, provided for in the Law on Deposits and Liabilities towards Investors of the Republic of Lithuania (for more information visit www.iidraudimas.lt), deposit insurance benefit payout can be deferred if, e.g. there is lack of information being the basis for the right to insurance payout, or if deposit is the subject of litigation, or if depositor is restricted the right to dispose the deposit.

Detailed information on the deposit insurance conditions and the cases when the deposits are not insured and when deposit insurance benefit payout limitations are applied is given on website of State Company  Deposit and Investment Insurance www.iidraudimas.lt.